Hagerty (NYSE:HGTY) Stock Bumped Down to Hold by Zacks Research

Key Points

• Zacks Research downgraded Hagerty from “strong buy” to “hold,” joining a broader analyst consensus of “hold.” The average price target is $13.80, below the stock’s $15.48 opening price.
• Hagerty reported quarterly revenue of $354.82 million and an adjusted loss of $0.02 per share, beating consensus estimates of $316.21 million in revenue and a $0.09 loss per share.
• A major shareholder sold 1.39 million shares for approximately $15.9 million, reducing its position by 13.04%; institutional investors own 20.51% of the company.

Hagerty (NYSE:HGTY - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

HGTY has been the topic of several other reports. Wells Fargo & Company increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Weiss Ratings raised shares of Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Truist Financial upped their price target on shares of Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Hagerty has an average rating of "Hold" and an average target price of $13.80.

Hagerty Stock Down 0.5%

HGTY stock opened at $15.48 on Monday. Hagerty has a 1-year low of $9.36 and a 1-year high of $15.79. The business's 50 day simple moving average is $13.70 and its 200 day simple moving average is $12.07. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $5.32 billion, a PE ratio of 172.06 and a beta of 0.83.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. The business had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. As a group, research analysts anticipate that Hagerty will post 0.01 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $11.47, for a total transaction of $15,914,625.00. Following the completion of the sale, the insider directly owned 9,250,000 shares of the company's stock, valued at approximately $106,097,500. This trade represents a 13.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock worth $2,857,000 after buying an additional 89,898 shares in the last quarter. Lincoln Capital LLC boosted its position in shares of Hagerty by 17.0% in the first quarter. Lincoln Capital LLC now owns 950,652 shares of the company's stock valued at $10,008,000 after acquiring an additional 137,794 shares during the period. Renaissance Technologies LLC boosted its position in shares of Hagerty by 79.2% in the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock valued at $1,660,000 after acquiring an additional 69,700 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Hagerty in the third quarter valued at about $55,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Hagerty in the second quarter valued at about $63,000. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.

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